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Poster: Monte B Cowboy Date: Oct 22, 2012 8:56am
Forum: GratefulDead Subject: Re: RIP George Mcgovern.

Re: "Truth" about Ann and Mitt's "Integrity"

As part of a massive government bailout, U.S. taxpayers paid $12 billion to save auto parts maker Delphi Corporation. Out of that taxpayer money, three billionaires and their partners took in a profit of over $4 billion. One big winner, with a profit of over 4,000 percent, were the billionaires’ silent partners, Ann and Mitt Romney. The Romneys made at least $15 million, and as much as $115 million.

Our investigation began in Africa in the Congo. This is Greg Palast reporting. We are hunting for a vulture, a so-called vulture fund financier, this man, Paul Singer. Singer’s vulture fund seized $90 million out of foreign aid given the Congo, which could have been used to end a cholera epidemic. Singer’s vulture tactics are now outlawed in England and all over the world, but not in the U.S.A., certainly not here in Detroit, where we found Singer’s vulture fund feasting on the corpse of another victim, the once-world-leading Delco auto parts division of General Motors.

As Delco’s biggest customers, GM and Chrysler, collapsed, Delco, now named Delphi, went bust. Down swooped the vultures. The vulture funds bought Delphi for just 67 cents a share. Bloated by $12 billion in taxpayer auto bailout subsidies, the shares blew up from 67 cents to $22 a share. The auto task force chief called it "extortion." Extortion paid big time. So far, Romney and partners have pocketed over $4 billion. Then the billionaires gave Romney a million dollars each for the Republican campaigns. Nevertheless, Romney accused Obama of conflicts.

MITT ROMNEY: This is serious conflict of interest. This ought to be a big story. And I don’t think there are — I think there are a number of people on the — among the president’s team that don’t want that story to get out. We want to make sure it did.

GREG PALAST: Romney said he was opposed to the bailout.

MITT ROMNEY: I wrote an op-ed in the paper, and I said, "Absolutely not. Don’t write a check for $50 billion."

GREG PALAST: But these documents reveal that a government bailout check was in fact cashed by none other than Ann Romney. It says that Ann Romney had a hunk of Mitt’s vast fortune in Elliott Management, Paul Elliott Singer’s vulture fund. Working our way between the limousines in front of his office, we wanted to ask Mr. Singer about his special financial deal with the Romneys. But he turned us down. The Romney campaign refuses to tell us exactly how much they made from the bailout, nor reveal their 2009 taxes.

ANN ROMNEY: We’ve given all you people need to know and understand about our financial situation and about how we live our life.

GREG PALAST: To cover up their payday and avoid taxes, the vulture funds have moved the headquarters of Delphi from Michigan to Jersey — not New Jersey, but the Isle of Jersey off the coast of France, a notorious tax haven.

Governor Romney wrote, "Let Detroit go bankrupt." And it did. Of the 25,000 UAW members at Delphi, every single one lost their job. Delphi once had 29 factories in the U.S., now just one. Today, GM still gets its parts from Delphi, shipped from the plants that the Romney hedge funds have moved to the People’s Republic of China.

For Democracy Now!, this is Greg Palast reporting.

read / watch / listen to the entire Greg Palast interview on Democracy Now!, 47:27